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Economy in Brief

State Coincident Indexes in September 2022
by Charles Steindel  October 27, 2022

The Federal Reserve Bank of Philadelphia's state coincident indexes in September were again somewhat softer than earlier, and somewhat dispersed. 11 states report declines from August to September, with Montana down .59 percent. On the plus side, both Hawaii and New Jersey clocked increases above 1 percent and New York was just shy at .99 (the Northeast was strong, with Massachusetts and Maryland both comparable to New York, and Pennsylvania at .59 percent). At the three-month horizon, six states declined, with West Virginia and Montana, as in the initial August report, both off by more than one percent. Hawaii and Indiana both had increases above 2 percent. Over the past 12 months, Massachusetts's index was up more than 9 1/2 percent, and 25 other states had increase of at least 5 percent. Four states (Arizona, Wisconsin, Oklahoma, and Mississippi) had increases of less than 3 percent over this period.

As always seems to be the case, the independently estimated national figures of growth over the last 3 (1.02 percent) and 12 (4.98 percent) months look weaker than the state figures would imply.

Connecticut and Hawaii remain under-by very small margins--their pre-pandemic peaks in this series.

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